As for all cryptocurrencies, a common question asked is how many Ravencoin can I mine per day? According to Coinwarz’s Ravencoin mining calculator, depending on the type of hardware used to mine RVN, 49.44573384 RVN can be mined per day with a mining hashrate of 70.00 MH/s, a block reward of 5000 RVN, and difficulty of 142,394.46.
Then, again another interesting question would be the manner of mining Ravencoin, whether solo or with others; we could recommend Ravencoin SOLO mining only for experienced users and only if you could find at least 2-3 blocks in 24 hours. If in doubt, always mine on the POOL.
The RVN project developers were inspired by the movie “Game of Thrones,” where ravens deliver statements of truth. In the same way, the crypto project seeks to deliver messages of truth by faithfully verifying the ownership of a specific asset.
On January 3, 2018, a Bitcoin hard fork gave birth to Ravencoin. With a market capitalization of $132,222,131, a price of $0.0204, and a circulating supply of 6,451,385,000 RVN, it’s evident Ravencoin is steadily gaining traction among the crypto community. But, as cryptocurrency mining using power-hungry ASIC (Application Specific Integrated Circuit) devices gets less profitable for home miners, miners turn to ASIC-resistant cryptocurrencies like Ravencoin to make profits.
This guide will cover how to mine Ravencoin (RVN), the best GPU cards for mining Ravencoin, and whether RVN is still a profitable venture.
What is Ravencoin?
A forked version of Bitcoin, Ravencoin (RVN), was created to speed up transaction processing. This algorithm uses the KAWPOW mining algorithm, which makes it ASIC-resistant and helps it resist centralization. Many people are considering switching to mining RVN because of its high profitability. For some people, Ravencoin is one of the most profitable cryptocurrencies. It’s free and an open-source project with no IOC.
An open-source infrastructure facilitates near-instant transactions between owners of RVN, which launched on January 3, 2018. The project utilizes a fork of BTC, which uses UTXO (Unspent Transaction Output). Ravencoin is based on the PoW agreement technique and the KAWPOW stratum hostname.
According to the Ravencoin whitepaper, ravens are “intermediaries that communicate words of truth” in the popular Game of Thrones movie of Westeros.
What is the Ravencoin mining?
Ravencoin is a Proof-of-Work (PoW) coin that relies on miners to keep the network safe and free of malicious actors.
A Ravencoin mining operation may be put to use in this way. There are certain similarities between the Ravecoin network and the BTC network since it is an open-source development based on the BTC code.
Because of its ASIC resistance, Ravencoin’s PoW method differs from that of BTC and other currencies. The KawPoW hashing algorithm used by the RVN network has this feature built-in.
X16R is a consensus mining technique variation that was included in a network upgrade in May 2020. Bitcoin, Ethereum, and Litecoin mining all demand significant amounts of computing power. Miners validate transactions in a block before adding them to the global ledger, which is the network’s fundamental principle.
This means that miners are paid in RVN as compensation for their labor, and the network remains decentralized as a consequence.
Consensus algorithms unique to Ravencoin
Ravencoin is a cryptocurrency that works in the same way as bitcoin. Ravencoin mining may be done on regular PCs thanks to a unique algorithm.
A PoW consensus is used to defend the Ravencoin network, like BTC. Ravencoin uses a unique hashing algorithm called KAWPOW, which is different from Bitcoin’s SHA-256 algorithm.
The mining algorithm on the platform has been upgraded twice. The X16R algorithm was replaced by the X16Rv2 algorithm in the last quarter of 2019. The KAWPOW algorithm has been updated from X16Rv2. To stop x16R ASICs and FPGAs from mining RVN, new algorithms have to be developed.
The KAWPOW method was initially developed to prevent ASICs from mining Ravencoin. The algorithm’s goal is to make the network more decentralized by allowing additional miners to join.
What is Ravencoin used for?
Real-world assets are represented by tokens in Ravencoin. They may represent everything from virtual goods to gold and even stocks and other types of assets. Twelve million virtual shares were created on the Ravencoin network in 2018 by Chainstone Laboratories.
Owners of Ravencoin may now use the MangoFarmAssets RVN wallet platform to produce non-fungible tokens (NFTs).
Investors may now use the BSC tokenized version of RVN in decentralized applications to borrow, loan, and trade ( DeFi ).
Businesses and individuals looking to create and transact with virtual tokens would appreciate Ravencoin’s platform. Smart contracts cannot be generated on the platform.
Wallets for Ravencoin
Before learning how to mine RVN, you have to choose a Ravencoin wallet. To claim the earnings from your mining, you would need an RVN wallet.
Many wallets are available, like the authorized Ravencoin wallet, compatible with Mac, Windows, and Linux. Among the other prominent RVN wallet alternatives are :
• Wallet from Mango Farm ( supports NFTs )
• Trust Wallet, among others
All Ravencoin official wallets may be found here.
Before deciding on the most refined RVN wallet for you, do some research.
How can I get RVN?
The Ravencoin group has been hard at work developing an authorized wallet. We can hold, transfer, and accept all of your RVN in this wallet, but users could utilize a 3rd multi-coin wallet such as Trust Wallet or Exodus Wallet. RVN Wallet may be downloaded here.
Ravencoin’s Wallet may be downloaded from the RVN webpage. The wallet is accessible for Linux, Mac, Windows computers, and iOS & Android smartphones.
Get your own RVN wallet
Register the Crypto wallet and start using it. Make a recovery phrase & a recovery pass. If you want to avoid any safety difficulties, RVN should be kept in a secure location. Your RVN Crypto wallet address must also be synchronized with the Raven system after you’ve completed it. You can’t utilize your wallet till it’s synchronized.
Create an RVN wallet address
You must choose “Receive” to accept Ravencoin payments. You may have to complete the form first. You must fill in three fields: a tag, the desired amount, and a brief message. This section is optional.
However, it might be handy if you need to ask a question about a payment or if you need to remember which address is for what. We recommend writing Cruxpool in the tag area for your mining operation. As a result, you’ll be able to tell that such an address is for Cruxpool mining. The app will then produce a wallet address if you click on Request a transaction. The wallet address may be copied using the click to copy button or the QR code. Your address will appear in the column in the Receiving section, or you may click on Document, then Receiving address, to view it.
Ravencoin mining instructions
Mining software and hardware recommendations
- Minimum of 3GB RAM on an Nvidia GPU ( learn more below )
- An OS such as Linux or Windows is compatible to install mining software and start mining RVN
- Install any necessary drivers ( learn more below )
- A wallet for Ravencoin assets
Suggestion: Calculate profit using WhatToMine. Before you start mining, you need to understand how to overclock to optimize profits while using the least amount of power.
What makes Nvidia so unique?
T – Rex, which only supports Nvidia GPUs, may be used for mining. Both mining software: Nanominer & NBminer, are suggested to utilize an AMD GPU ( or both ).
A mining pool is a collection of miners who collaborate to create a coin. Poor minimum payments, hefty pool fees, and low hash rates are the perks and downsides of each mining pool. Select the one with which you are most at ease. Here are a few that I think you’ll enjoy: 2Miners; Supernova and Nanopool are three different kinds of mining software.
Installing Nvidia drivers ( Linux and Windows )
Ubuntu ( Linux )
- Toggle between the nine dots.
- Look for ” Software and Updates ” in the search box.
- Select ” Additional Drivers “from the drop-down menu.
- You should look at the suggested drivers. Choose the one that best fits your needs.
- Select ” Apply Changes ” from the drop-down menu.
- Get T – Rex from their GitHub page.
- Unveil it ( recommendation: Extract it to a folder, preferably the T- rex ).
- Go to the T – rex folder, either by coding into it or directly navigating there, right-clicking, and selecting ” Open in Terminal .”
- Now that it’s time to fire up the miner. Type the command underneath in the terminal ( ensure you’re in the appropriate folder ). Replace insert mining pool URL and the URL of your mining pool, and input RVN wallet with the address of your public wallet. You can now start mining Ravencoin.
- Visit Nvidia’s official driver installation website.
- Locate and download the appropriate driver.
- T-Rex may be downloaded from the T-Rex GitHub website.
- Unzip it.
- Find and open the file.
- In the “Ravenminer” right-click menu, choose “Edit.”
- Let’s start mining Ravencoin. By using the command below, you can ensure that you’re in the correct directory. Your mining pool’s URL and your public wallet’s URL should be substituted for “insert mining pool.”
- It’s important to save your changes at this point.
- Choose the file you want to open.
- You’ve finished all of the preparation work. Let’s start mining Ravencoin!
As an example, have a look at the following:
- Antivirus software usually essential blocks mining software because some hackers exploit your PCs as mining rigs.
- The word “shares” is not used to refer to blocks that have been mined.
This implies that you won’t be paid until you’ve mined a certain number of blocks, essential right-clicking on in most pools. For this reason, it is best not to store your coins in an exchange wallet (such as Binance), which has a larger fee and is out of your hands.
Calculator for mining Ravencoin
Our Ravencoin mining calculator is relied upon by tens of thousands of cryptocurrency miners throughout the world. The finest profitability calculator for Ravencoin mining in 2021 covers difficulty, hashrate, power consumption (watts), and kWh.
Calculating the profitability of Ravencoin mining based on hashrate, power usage, and other costs is easy and uncomplicated using the Minerstat calculator. Ravencoin miners may expect the most current difficulty target and mining hashrate to be installed by default.
How Ravencoin miners benefit the community
Decentralization and the release of new currencies are maintained via Ravencoin mining. To defend the network, a decentralized network of miners is needed.
To keep the network safe from a catastrophic attack, miners contribute their hashing power to verify transactions. Miners throughout the world work together to ensure the security of blockchain networks.
Everyone who wants to execute transactions needs a hashrate, provided by the resources required to generate new currencies. Using the blockchain to spend or steal money maliciously is possible if the network isn’t powerful enough. This demands that they have at least 51% of the total hashrate under their control.
As a result, if the network is big enough and the miners are decentralized, such problems will be hard to exploit.
Ravencoin awards miners reward tokens to encourage miners to continue committing their computational power to processing transactions and uploading valid blocks to the blockchain. Each good block that is submitted to the network earns the miner 5000 RVN.
Ravencoin mining is accessible to everyone interested in cryptocurrency. Gamers with powerful GPUs(Graphics processing units) can make money mining bitcoin as a side business.
As the Ravencoin (RVN) price climbs in the future, your RVN mining holdings will also rise. As a result, it is crucial to watch the market and hardware costs to make Ravencoin mining profitable.
What does Ravencoin mean?
Ravencoin is a fork of Bitcoin and is a kind of digital currency that is decentralized and based on cryptography.
For beginners, what is Ravencoin?
Other blockchain cryptocurrencies like Ravencoin work by organizing transactions into data blocks and then encrypting the data blocks to form chains.
Who are the creators of Ravencoin?
Bruce Fenton and Tron Black created Ravencoin to improve Bitcoin by increasing the generation of new blocks from 10 to once per minute using the X16R hash algorithm.
Why is Ravencoin the future?
Why cryptocurrencies are the future is summed up in just three words: it is better. Ravencoin is a huge leap ahead of the current state of affairs. This coin is in contrast to precious metals, which cannot be wired over the internet.